Japanese retailer AEON Co. today (14 April) booked annual losses on the back of slow sales and one-off, restructuring charges.
The company posted a net loss of JPY2.76bn (US$27.8m) for the 12 months to the end of February. Aeon reported a profit of JPY43.93 bn in fiscal 2008.
The global downturn has hit consumer spending in Japan and Aeon has seen its sales affected. The retailer has also been hit by costs linked to store closures and we write-down at its apparel subsidiary in the US, Talbots.
Aeon’s annual revenues stood at JPY5.23 trillion, against JPY5.17 trillion a year earlier.
For the year ahead, the company forecast a net profit of JPY7.5-15bn and revenues of JPY5.24 trillion.